As the year draws to a close, the Reserve Bank of India (RBI) has set a crucial deadline for the renewal of bank locker agreements – December 31, 2023.
Account holders who submitted their bank locker agreements on or before December 31, 2022, are required to sign revised agreements and submit them to their respective bank branches.
Renewal Process and Bank Responsibilities:
To facilitate the renewal, banks are tasked with implementing measures such as arranging stamp papers, enabling electronic execution of agreements, franking, and e-stamping.
A crucial aspect of this process involves providing customers with a copy of the executed agreement.
Locker Agreement and Allotment:
At the time of locker allotment, banks and customers enter into a mutual agreement, with both parties signing the document.
The bank retains the original agreement at the branch housing the locker, providing a duplicate copy to the locker hirer.
Safety Measures and Bank Liability:
The RBI emphasizes that banks must take responsibility for the safety and security of premises housing safe deposit vaults.
Banks are required to implement measures to prevent incidents like fire, theft, burglary, robbery, dacoity, or building collapse resulting from their own shortcomings.
However, banks are not liable for damage or loss caused by natural calamities or acts of God, such as floods, thunderstorms, earthquakes, or lightning.
In such cases, customers are responsible for their locker contents unless the damage is due to the bank’s negligence.
Compensation and Customer Rights:
If banks are found responsible for any loss or damage to locker contents, they are obligated to compensate the customer.
The customer’s rights and responsibilities are outlined in the signed locker agreement, and it is the bank’s duty to ensure that customers are informed of these details.
As the renewal deadline approaches, customers are urged to adhere to the stipulated process to maintain the security and accessibility of their bank lockers.
